The Gold Term Curve

PAXGy shows what gold yields today. Aureus creates a market for what gold may yield tomorrow.

The Aureus Gold Term Curve is a transparent, market-implied gold rate for every maturity.

From a price to a rate

PT redeems for 1 PAXG at maturity. Its price today in the PT / PAXGy pool, expressed in PAXG, implies an annualised rate:

implied rate = (1 / PT price) ^ (1 / t) − 1

PT price : price of 1 PT, in PAXG
t        : time to maturity, in years

Example

These are indicative testnet rates, the same used on the Aureus website. They are not live market data.

Maturity	Days	PT price (PAXG)	10 PT cost	Implied rate
30D	30	0.9982	≈ 9.982 PAXG	2.20%
90D	90	0.9942	≈ 9.942 PAXG	2.38%
180D	180	0.9877	≈ 9.877 PAXG	2.55%
1Y	365	0.9728	≈ 9.728 PAXG	2.80%

Buying 10 PT-1Y at 0.9728 costs about 9.73 PAXG and redeems for 10 PAXG at maturity: roughly a 2.80% annualised rate, subject to the risks of the underlying asset and the protocol.

From rates to a curve

Plot the implied rates against time to maturity:

Upward sloping. The market expects gold yield to be higher over longer terms, or demands more to lock it for longer.
Flat. Similar expectations across terms.
Inverted. The market expects gold yield to fall.

Why it matters

Gold lease rates in traditional markets are opaque and set bilaterally. A curve derived from open market prices gives treasuries, funds, lenders and DeFi protocols a shared, verifiable reference for what gold yield is worth over time.